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Of Bitcoins, Independently Wealthy Software, And The Zero-Member Llc, Shawn J. Bayern
Of Bitcoins, Independently Wealthy Software, And The Zero-Member Llc, Shawn J. Bayern
Scholarly Publications
An innovative software technology known as Bitcoin makes it easier for software to operate with some degree of financial autonomy. In a meaningful sense, it is now possible for software to conduct business on its own account, without using the traditional financial system as an intermediary and without a financial existence tied to an existing natural or legal person. This Essay explores this possibility and suggests that legally autonomous entities, such as a limited liability company (LLC) with no members, are a useful legal structure for factually autonomous systems.
Larry Ribstein's Fiduciary Duties, Kelli A. Alces
Larry Ribstein's Fiduciary Duties, Kelli A. Alces
Scholarly Publications
Larry Ribstein, throughout his remarkable scholarly career, developed a theory formed around his analysis that the end of fiduciary obligation is a near possibility. Understanding fiduciary obligations as a carefully defined term may indicate, however, that this fiduciary obligation can be a useful part of a wider selection of relationships than Ribstein allowed. This Article both considers Ribstein’s theory of fiduciary duty, and ultimately turns that same theory on its head by advocating the use of a narrow duty in a variety of contexts as opposed to a broad duty in a limited range of circumstances